The FINANCIAL — Israel's Koor Industries said Monday that it will record a gain of 490 million shekels ($131 million) to its net profit for the first quarter due to the rise in value of Credit Suisse Group AG (CS) shares, which it has been buying and selling since 2009.
According to Borsa Italiana – London Stock Exchange Group, last year, Koor lost about ILS3 billion due to its trading in the Swiss banking giant as the shares declined sharply.
IDB Holding, which owns a stake in Koor, said it would report a gain of ILS340 million on its balance sheet for the first quarter due to the rise in Credit Suisse shares.
IDB holding is a large Israeli holding company with interests mainly in real estate, technology and industrial manufacturing. IDB's subsidiary Discount Investment Corp. Ltd. (DISI.TV) holds 69% of Koor, and IDB directly holds 13% of Koor. Koor invests in telecommunications and other technological development and manufacturing.
At 0803 GMT, shares of Koor were up ILS0.14, or 0.25%, at ILS56.15; shares of Discount were up ILS0.27, or 1.41%, at ILS19.40; and shares of IDB were down ILS0.38, or 1.42%, at ILS26.34, in a lower Tel Aviv market.